RESIDENTIAL MORTGAGE LOANS Senate SponsorsSen. Michael W. Frerichs House Sponsors(Rep. Thomas Holbrook) 7/14/2011SenatePublic Act . . . . . . . . . 97-0143 205 ILCS 635/1-3from Ch. 17, par. 2321-3205 ILCS 635/1-4Amends the Residential Mortgage License Act of 1987. In a provision concerning definitions, that an "exempt person or entity" shall also mean any person or entity that does not originate mortgage loans in the ordinary course of business, but makes or acquires residential mortgage loans with his or her own funds for his or her or its own investment without intent to make, acquire, or resell more than 3 residential mortgage loans in any one calendar year. Makes other changes. Effective immediately.Senate Committee Amendment No. 1 Provides that an individual acting as a mortgage loan originator under this Act shall be subject to a determination by the U.S. Department of Housing and Urban Development through final rulemaking or other authorized agency determination under the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Makes corresponding changes. 2/9/2011SenateFiled with Secretary by Sen. Michael W. Frerichs 2/9/2011SenateFirst Reading 2/9/2011SenateReferred to Assignments 2/23/2011SenateAssigned to Financial Institutions 3/15/2011SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Michael W. Frerichs 3/15/2011SenateSenate Committee Amendment No. 1 Referred to Assignments 3/16/2011SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions 3/17/2011SenateSenate Committee Amendment No. 1 Adopted 3/17/2011SenateDo Pass as Amended Financial Institutions; 010-000-000 3/17/2011SenatePlaced on Calendar Order of 2nd Reading March 29, 2011 4/8/2011SenateSecond Reading 4/8/2011SenatePlaced on Calendar Order of 3rd Reading April 11, 2011 4/14/2011SenateThird Reading - Passed; 055-000-000 4/14/2011HouseArrived in House 4/14/2011HousePlaced on Calendar Order of First Reading 4/14/2011HouseChief House Sponsor Rep. Thomas Holbrook 4/14/2011HouseFirst Reading 4/14/2011HouseReferred to Rules Committee 5/3/2011HouseAssigned to Housing Committee 5/12/2011HouseDo Pass / Short Debate Housing Committee; 013-000-000 5/12/2011HousePlaced on Calendar 2nd Reading - Short Debate 5/16/2011HouseSecond Reading - Short Debate 5/16/2011HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/17/2011HouseThird Reading - Short Debate - Passed 114-000-000 5/17/2011SenatePassed Both Houses 6/15/2011SenateSent to the Governor 7/14/2011SenateGovernor Approved 7/14/2011SenateEffective Date July 14, 2011 7/14/2011SenatePublic Act . . . . . . . . . 97-0143